Under Contract - Conditions on loan - What are my options??

[Jim Doyle]

I’m currently under contract for an off-market home that is being sold “as is.” I’m purchasing the home through an estate via the sister of my neighbor, her and I are in contact and she is considered a friend. The home itself is in a great location in Seattle, but very dated and needs a lot of work. I got a good deal on the home, approximately $50 – $100k under market value, but I now have conditions for the conventional loan. The roof needs to last at least 3 years and it more than likely needs to be replaced and I need to update the panel box from fuses to circuit breaker. I’m trying to see if I have any options with the seller. We have already agreed on a price, and now I’d like to see if I can either get her to pay for some of the fixes, lower the price, or see if If there is a way to integrate the repair costs into the mortgage. Thoughts? I close on June 14th.

[Dave Skow]

@Jim Doyle- thanks   1) consider increasing the purchase price by the amount of the elec and roof  work that needs to be done  and then assist  seller with  getting the work  scheduled and completed  ( as this will be required to be donw before closing ) ..this way the  seller  is technically  paying for the  repairs  and they wont lose  any  proceeds ....they will pay a little  extra  wa state sale excise tax  but  that  wont amount to too much  2)  consider  putting less down  and using some of your funds to pay for  the repairs  ( or part of the repairs )   3)  consider using a rehab loan  4)  consider  keeping the price  where it is and asking for the sellers to complete  repairs  (  this likely wont happen)  5)  get roofer and contractor  estimates and get them  lined up to do the work asap  as it might takes  weeks to get this scheduled / done  6)  ask seller for  extension on closing date if the  work  will take  longer than 10 days ,,,Good luck